Yesterday, House Democratic leaders introduced H.R. 6800, the Heroes Act, which provides more than $3 trillion in COVID-19 relief funding for individuals, businesses, and state and local governments. The bill is expected to receive a vote in the House on Friday. The House legislation was crafted largely along partisan lines and is not expected to receive a vote in the Republican-controlled Senate without significant changes to the bill. The text of the legislation can be found here and a section-by-section summary here. A detailed summary of the small business provisions can be foundhereand here.

NLBMDA recently sent a letter to the White House and Congress which included a list priorities important to the lumber and building material (LBM) industry as they continue to negotiate a “Phase 4” relief package. NLBMDA has also created a grassroots action alert that allows members to contact their Representative and Senators in support of these priorities.

Summary of notable provisions for the LBM industry in H.R. 6800, the Heroes Act:

Mandates that the Federal Reserve, through the Main Street Lending Program, provide at least one low-cost loan option that small businesses and small non-profits are eligible for that does not have a minimum loan size, overriding the current $500,000 minimum loan size to participate in the program;

Expands the existing Employee Retention Tax Credit;

Provides a 50% refundable payroll tax credit for qualified fixed costs for employers subject to closure by reason of COVID-19;

Requires OSHA to issue an enforceable standard within seven days to require all workplaces to develop and implement infection control plans based on CDC expertise, and prevents employers from retaliating against workers who report infection control problems;